UK. Airport Development and Investment Ltd (ADI), the Ferrovial-led consortium created to acquire BAA, has announced that its Recommended Final Offer to shareholders of 6 June is now unconditional. This paves the way for its full takeover of the UK airports group.
The BAA board accepted an ADI offer valuing the company at £10.3 billion on 6 June.
ADI said on Monday that all of the conditions for its takeover of BAA had been satisfied or waived. By 13.00 UK time on Monday, ADI had received valid acceptances in respect of a total of 601,999,026 BAA shares, representing approximately 55.58% of the issued share capital of BAA.
Allied to ADI’s share purchases of recent weeks, it means the consortium now controls about 83.37% of BAA shares. The Recommended Final Offer remains open to other BAA shareholders who have not yet given their acceptance until further notice.
Convertible bondholders have also given their overwhelming approval to the deal.
At Monday’s BAA board meeting, members of the consortium had 10 of their own representatives appointed to the BAA board as non-executive directors, with five current directors resigning.
The new directors are Ferrovial CEO Joaquín Ayuso García, Ferrovial CFO Nicolás Villén Jimenes, José María Pérez Tremps, Juan Bejar Ochoa, Luis Sánchez Salmerón, Lucas Osorio Iturmendi, Ghislain Gauthier, Macky Tall, Robert Coté and Eng Seng Ang.
The resigning directors are Tony Ball, Mark Clare, Chris Fay, Alice Perkins and David Roberts.
Following the news that the Recommended Final Offers were declared unconditional in all respects, the BAA board advised that the Annual General Meeting, scheduled for 14 July, should be adjourned immediately after it has commenced. The board has also resolved that the proposed final dividend of 15.25 pence for the financial year ended 31 March 2006 be declared as an interim dividend paid on or around 11 August 2006.
MORE STORIES ON BAA AND ADI
BAA supports Ferrovial takeover; but Goldman Sachs remains in the running – 06/06/06
Ferrovial consortium “committed to long-term ownership” of BAA; to review overseas assets – 06/06/06
